Bitcoin falls by 30% as Wall Street prepares to trade digital gold

According to Coindesk, Bitcoin and other TOP 10 coins with the highest market value fell by 30% from the maximum at the end of December 22 to 12 753 US dollars, which is 6 590 $ US.

Bitcoin falls by 30% as Wall Street prepares to trade digital gold

Goldman Sachs is creating a marketplace for digital assets and plans to launch by the end of June, if not earlier, according to Bloomberg, citing unidentified sources. Exchanges in Chicago made their debut in bitcoin futures this month, providing securities to weighty traders who were blocked on the market due to regulatory reasons, which became an easy way to participate.

Finding the reasons for the recent fall of Bitcoin is useless, professor of economics at Yale University, Robert Schiller, says that a “rational assessment” of the value of Bitcoin is impossible. However, let's take a look at the Bitcoin growth chart, and see that this is not the first drop in digital currency, and therefore not the last.

If Wall Street considers Bitcoin as another investment asset, then this will provoke an increase in the value of the currency, due to increased demand and new players in the cryptocurrency market. At the same time, exchanges where bitcoin is traded provoke a fall in the rate. Coinbase, a strong and secured U.S. digital asset trading platform, said this week that it was investigating insider trading on its own platform. Another exchange in South Korea filed for bankruptcy after reserves were stolen by hackers - these events do not strengthen the digital currency's reputation.

Whatever happens, it remains unknown how Wall Street is agile to participate in the rapidly changing cryptocurrency market - and how long it takes to persuade government watchdogs and clients to support the new financial initiative. By the time financial institutions get on board, into the unpredictable and fast-paced world of digital assets, perhaps cryptocurrency is evolving into something new.